by TaxDoctor on May 29, 2020 at 12:03 pm
The people who have filed and paid too much tax again this year, as they did last year, almost always make themselves a promise that they “will do better from now on.” They will keep better records; maintain a mileage log. They will learn more about work options and increase their 401(k) or 403(b). They will start a hobby job, or purchase a rental property and on and on. Then Summer comes and it all fades into the background as the beach, golf course or woods call to them. Family starts getting together, concerts are abound and all of a sudden it’s Fall. Then work picks up and kids are back to school or off to an out of stat […]
One Time Limited Addition
by TaxDoctor on May 22, 2020 at 2:05 pm
That’s what you often hear from a sneaker manufacturer or a car company to create a feeling of scarcity for a product in order to drive desire or cost up. This is not a typical tactic of the IRS. COVID-19 and the reaction to it has created a path of human misery, but like cutting up broccoli and stirring it into your kids’ mac and cheese, there are some hidden benefits for a few people unlucky enough to have had the virus, but fortunate enough to have recovered. One such benefit is the ability to take up to $100,000 from a 401(k) or other retirement account without penality and without full taxation in one year, as would normally be t […]
Taxes Are the Last Thing I Need to Worry About Now!
by TaxDoctor on May 15, 2020 at 2:15 pm
Think again. Of course, human life is more important, especially when it’s yours! That being said, many of us have a worry list that is growing and if taxes were on that list, they have been pushed down by all the new concerns. There is a growing divide in the U.S. between the people who have been able to keep working and those who have free fallen through the abyss of instant lack of income. Those who own companies and those who work for them. Taxes in most cases for those poor souls that stopped working are not a concern normally, other than having proper withholding, so even less now. For those who kept working however, spending is often down […]
Should You Take a PPP Loan If You’re Not In Dire Straits?
by TaxDoctor on May 8, 2020 at 7:00 pm
Many self-employed and small business owners who did not get applications in before the money ran out the first time around, are now getting them in during this second round of PPP funding, and the frantic level of requests seen previously seem to be a bit more orderly now. Many people we have spoken to say that they are still working in some limited capacity, or had savings and so are getting by and have avoided taking PPP funds, as they don’t feel “as affected”, although they don’t know what will happen in the future. That’s the rub. What if they don’t take the funds today, since they are above water, but the funds again run out, and in August […]
Why We Waste Time and Money! …and What We Can Do About It!
by TaxDoctor on May 1, 2020 at 3:11 pm
It’s hard to be logical all the time about everything. The most financially successful tax clients we serve at least attempt to force themselves to be logical, for their own benefit. For instance, our parents, as well as a subset of the economy including some popular radio show based advisors like Dave Ramsey, say you should pay off your home and have a “free and clear” deed as a goal (they are wrong in most cases by the way). That kind of thinking is emotional thinking, mixed perhaps with some presumptive attitude about what the general populous is capable of. “Well, we know we can’t get people to do what would really be best for them based on pure mat […]
Taxes Are Due In